The Best Private Banks for 2026

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Private banking involves a division or department within a bank or investment firm that caters to the needs of high-net-worth individuals. Private banks provide highly personalized banking and wealth management products and services.

Often, clients have a 1:1 relationship with a banker who helps them with every aspect of their financial affairs. If you think you’d benefit from joining a private bank, keep reading to see what the top five are.

Best Private Banks of 2026

To find the best private banks for 2026, GOBankingRates ranked the following based on these factors:

• Total assets
• Number of branch locations
• Checking account annual fee
• Savings account APY
• 12-month CD APY
• Customer service products offered
• Bauer rating
• Products and services offered
• Average mobile app rating

Here are the best private banks of 2026.

Morgan Stanley: $1.3 Trillion in Assets

• Standout fees: A $15 monthly service fee on E*TRADE Max-Rate Checking if you do not maintain an average monthly balance of $5,000 or more. No monthly service fees on other bank accounts. A $15 monthly service fee on Premier CashPlus Account and $55 monthly service fee on Platinum CashPlus Account, but fees can be waived with a Social Security direct deposit of any amount or by meeting other requirements.
• Minimum eligibility requirements: Morgan Stanley does not list on its website the minimum investible assets required for private banking. That said, there’s a $0 minimum deposit for Morgan Stanley Private Bank banking products. Brokerage accounts and services also have a $0 minimum deposit. Investment advisory accounts and services require an account minimum of $500 to $5 million, depending on the program.
• Best for: No-frills banking

Morgan Stanley is a premier investment bank and financial services company. It offers a basic set of banking products and lines of credit through Morgan Stanley Private Bank, which is part of E*TRADE from Morgan Stanley. It has more robust cash and wealth management tools from the Morgan Stanley Private Banking Group.

• Morgan Stanley Private Bank integrates checking and savings accounts with E*TRADE’s Securities account for a seamless experience whether you’re managing your cash or investing it.
• The Premium Savings account is especially notable because it’s insured for up to $500,000 per depositor by the Federal Deposit Insurance Corporation. Joint accounts are insured up to $1 million.
• Two interest-bearing checking accounts provide options for everyday cash needs — a higher annual percentage rate and a waivable monthly fee, or a lower rate with no monthly fee.
• Lines of credit are also available by pledging the securities in an eligible account as collateral.

Morgan Stanley’s Private Banking Group gives you access to a team that includes a private banker to help you reach your financial goals and preserve wealth. Clients get a CashPlus brokerage account with such benefits as easy transfers between Morgan Stanley accounts and outside accounts, identity and credit protection and a $895 Annual Engagement Bonus from American Express®, Member FDIC.

A Preferred Savings Program lets you tap into the cash reserves in your investment portfolio. Certificates of deposit are also available, and upon maturity, funds are deposited into the Preferred Savings Program.

Unlike a standard bank loan, Morgan Stanley’s securities-based lending program uses eligible investments in your Morgan Stanley account as collateral. You can use the loan for any purpose, such as purchasing a home or investment property, funding a business or satisfying capital gains. Morgan Stanley investment customers may also be eligible for discounts on mortgage loans.

Check to make sure you open accounts with the correct private banking entity.

Is It a Good Idea To Have Private Banking?

Private banking is a good idea for anyone who meets the minimum invested asset and net worth criteria. Banks for the wealthy offer a level of service you won’t find with standard retail banking.

For example, you’ll be assigned a banker or other adviser who will assist with issues that arise with your accounts. They will also help you navigate the very complicated decisions you’ll make as one of the individuals tasked with protecting your family’s legacy.

You will pay high fees for private banking — typically, about 1% of your assets under management, although some private banks charge sliding fees. Account fees, such as monthly service fees, typically are not included in the fee for private banking.

Bank of America Private Bank: $3.4 Trillion in Assets

• Standout fees: No monthly maintenance fees on an unlimited number of checking and savings accounts for the Diamonds Honors tier in the Preferred Rewards program. A 0.85% annual fee for online-only Merrill Edge Guided Investing with an advisor. The Preferred Rewards Program offers a discount, though.
• Minimum eligibility requirements: You need at least $3 million in investable assets to become a Bank of America Private Bank client. You need at least a Bank of America personal checking account to enroll in Preferred Rewards, which are its banking services. The minimum opening deposit for Bank of America checking accounts varies from $25 to $100.
• Best for: Comprehensive banking

Bank of America Private Banking takes personalized approaches to the needs of high-net-worth clients. Because of its affiliation with Merrill Edge, Bank of America clients can move seamlessly between brokerage and private banking services.

A significant banking benefit is the upgraded Preferred Rewards program. You can qualify for the Diamond Honors level by having a three-month combined average daily balance of $1 million or more. You can also qualify if you open your first eligible checking account and meet the balance requirement within the first 30 days of account opening. Diamond Honors members receive credit card rewards bonuses, interest rate boosts, fee waivers for ATM transactions, and loan discounts.

Beyond those basic products and services, you’ll find a range of high-end financial solutions. They include alternative investments, art collection management, family office consultation, a donor-advised fund for charitable giving, endowment and foundation consultation and, of course, investment management.

Merrill Edge doesn’t give customers access to advanced derivatives like futures and forex, so you might look elsewhere if you want more advanced trading options with an advisor.

Check out GOBankingRates’ comprehensive Bank of America Review for in-depth insights and analysis.

J.P. Morgan Private Bank: $4.5 Trillion in Assets

• Standout fees: J.P. Morgan Private Client does not have any current fees. However, in 2026, you will be charged a fee if you have a qualifying balance under $750,000. Chase Bank also offers Chase Private Client, which has a $35 monthly service fee that can be waived with an average beginning day balance of $150,000 or more across eligible accounts or by linking a Chase Platinum Business Checking Account. The two accounts are different because the former includes a relationship manager and preferred rates, while the latter has priority service and relationship rates specific to Chase Bank. Also, be aware that J.P. Morgan Private Bank and Chase Bank are two separate brands that have the same parent company.
• Minimum eligibility requirements: J.P. Morgan Private Bank doesn’t list its minimum investable assets requirements on its website. That said, the Wall Street Journal reports the minimum required balance for the private bank is $10 million.
• Best for: Global services

Global Finance magazine named J.P. Morgan as 2025’s “Best Private Bank in the World.” It offers specialists in a number of different categories: taxes, estate planning, charitable giving and business strategies. You will also have access to the private banking experience at Chase branches in the U.S., Latin America, Asia, Europe, Middle East and Africa.

J.P. Morgan Private Bank clients also have access to wealth planning and advice. This includes the following:

• Trust and estate planning
• Philanthropy services
• Family governance
• Family office consultations

Private banking clients can also take advantage of securities-based lending, where your assets are used as collateral for a line of credit. Real estate lending and specialty loans for major expenses such as art and aircraft financing are available.

Citi® Private Bank: $2.4 Trillion in Assets

• Standout fees: Citi Private Bank does not list fees for private banking. You will need to meet with a private banker to learn more.
• Minimum eligibility requirements: To qualify, you’ll need a total net worth of at least $10 million. You also need at least $5 million in assets for private banking. If you have less than $5 million in assets, Citi Private Bank recommends a Citigold relationship instead.
• Best for: A customizable experience

Citi Private Bank aims to help the world’s wealthiest families, law firms and individuals grow and protect their wealth. Citi services about 200 million customer accounts and does business in over 160 countries and jurisdictions.

Citi Private Bank offers ultra-high-net-worth clients customized services to preserve and grow their wealth. Personal banking products such as cash and checking accounts, time deposits, CDs and money-market accounts support short- and medium-term liquidity management strategies.

For clients’ long-term needs, Citi Private Bank offers:

• Investing — including alternative investments, hedge funds and capital markets
• Trust and wealth planning
• Art advisory and planning
• Philanthropy consulting
• Family office advisory

One particularly interesting service is the Next Generation program that focuses on intergenerational wealth planning and management. The program provides heirs with resources and opportunities to network with other future custodians of intergenerational wealth.

Goldman Sachs: $1.8 Trillion in Assets

• Standout fees: Goldman Sachs does not charge a fee for opening its private wealth savings account or any associated with time deposits. Marcus by Goldman Sachs, Member FDIC, is an online brand of Goldman Sachs for general banking. Its high-yield online savings account has a competitive interest rate and also does not have monthly service fees.
• Minimum eligibility requirements: You need at least $10 million in investable assets to join Goldman Sachs Private Wealth Management.
• Best for: Online services

Goldman Sachs offers a wide range of financial services such as consumer banking, investment banking, management, and securities to a client base that includes individuals, corporations, governments, and financial institutions. Goldman Sachs has offices across major world financial centers.

The company invests its own capital with its clients to grow business and offers customized banking products to spend, borrow and save. Private wealth advisors curate the following:

• Investment planning
• Trust and estate planning
• Banking and lending 
• Philanthropic guidance based on the client’s goals and values

Goldman Sachs is different from the other private banks on this list in that it provides a digital platform called GS Select for its private banking clients. You can use GS Select to open a bank account and apply for a line of credit.

GS Select lines of credit are securities-based, meaning you use your non-retirement invested assets as collateral. Loan amounts range from $75,000 to $25 million, and you can use the funds however you want, except to trade or carry margin stock. There are no application or origination fees, and no personal financial statements or tax returns are required.[49]

What Are the Minimum Assets for Private Banking?

Among the private banks listed here, the minimum is $3 million in investable assets. However, some private banks serve clients with investable assets of $750,000 or more.

What Is the Best Private Bank of 2026?

Bank of America is the best of the best when it comes to private banking. Its team approach ensures that in addition to the manager they’re assigned, clients have access to the right finance professionals to guide them through every aspect of their wealth growth and preservation.

Bank of America also has the strongest offerings in terms of perks with the Preferred Rewards program. The Diamond Honors tier provides significant value with the following features:

• Enhanced credit card bonuses
• Savings rate boosters
• Lifestyle experiences

Final Take

Private banking is designed for high-net-worth individuals who are looking for a customized experience and a number of services for managing, preserving and growing intergenerational wealth. These features do come at a cost. But the investment and net worth requirements justify the fees for ultra-wealthy clients. If you’re not eligible for private banking, consider whether relationship banking coupled with wealth management might meet your needs.

Daria Uhlig and Barri Segal contributed to the reporting for this article.

GOBankingRates is a personal finance and consumer interest rate website and an online marketing company serving top-tier banks, credit unions and other financial services organizations. Some companies mentioned in this article might be clients of GOBankingRates, which serves more than 100 national, local and online financial institutions. Rankings and roundups are completely objective, and no institution, client or otherwise, paid for inclusion or specific placement. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by the companies included in the article. All fees and rates are subject to change at the issuers’ discretion. Some interest rates might be short-term or promotional offers only, and it is possible additional terms and conditions must be met to obtain the interest rates listed. Rates and availability might vary by region. Verify terms and conditions before opening an account.

GOBankingRates bases its assessment of “best” and “top” products on the above-stated parameters to create a baseline for comparison. This assessment is an approximation of “best” and “top” designed to help consumers find products that might be appropriate for them. There could be other options available as well. Consumers should consider various options appropriate for their circumstances.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Feb. 5, 2026.

J.P. Morgan Wealth Management is a business of JPMorgan Chase & Co., which offers investment products and services through J.P. Morgan Securities LLC (JPMS), a registered broker-dealer and investment adviser, member FINRA and SIPC. Insurance products are made available through Chase Insurance Agency, Inc. (CIA), a licensed insurance agency, doing business as Chase Insurance Agency Services, Inc. in Florida. Certain custody and other services are provided by JPMorgan Chase Bank, N.A. (JPMCB). JPMS, CIA and JPMCB are affiliated companies under the common control of JPMorgan Chase & Co. Products not available in all states.

INVESTMENT AND INSURANCE PRODUCTS: • NOT A DEPOSIT • NOT FDIC INSURED • NOT INSURED BY ANY FEDERAL GOVERNEMENT AGENCY • NO BANK GUARANTEE • MAY LOSE VALUE

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